Regulation Correspondent, Europe
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Dec 4, 2014

Asset managers to invest 9 billion pounds directly in UK firms, projects

LONDON (Reuters) – Six asset managers will invest about 9 billion pounds over the next five years in British firms, schools and roads following tax changes, a funds industry body said on Thursday.

Chancellor George Osborne announced on Wednesday a new exemption from withholding tax for interest on private placements — a form of long-term, non-bank debt financing for smaller firms and infrastructure projects.

Dec 4, 2014

Asset managers to invest $14 bln directly in UK firms, projects

LONDON, Dec 4 (Reuters) – Six asset managers will invest
about 9 billion pounds ($14 billion) over the next five years in
British firms, schools and roads following tax changes, a funds
industry body said on Thursday.

Britain’s finance minister George Osborne announced on
Wednesday a new exemption from withholding tax for interest on
private placements — a form of long-term, non-bank debt
financing for smaller firms and infrastructure projects.

Dec 2, 2014

FCA says banks remain complacent over culture

LONDON (Reuters) – Banking is still in the early stages of the cultural change needed to regain public trust after a series of scandals that are already prompting customers to switch lenders, Britain’s top financial watchdog said on Tuesday.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) said “culturally complacent” banks should realise that customers can switch to new entrants far more easily now if they don’t like the behaviour they see.

Dec 2, 2014

UK regulator says banks remain complacent over culture

LONDON (Reuters) – Banking is still in the early stages of the cultural change needed to regain public trust after a series of scandals that are already prompting customers to switch lenders, Britain’s top financial watchdog said on Tuesday.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA) said “culturally complacent” banks should realize that customers can switch to new entrants far more easily now if they don’t like the behavior they see.

Dec 2, 2014

Aviva agrees terms of 5.6 billion pounds Friends takeover

LONDON (Reuters) – British insurer Aviva agreed terms on Tuesday for a 5.6 billion pounds all-share takeover of rival Friends Life, responding to pressures caused by pension industry reform.

Pension providers are rushing to revise their product ranges after the government in March surprisingly removed obligations for people to buy an annuity, or income for life, at retirement, hurting sales.

Dec 2, 2014

Aviva agrees terms of $8.8 billion Friends takeover

LONDON, Dec 2 (Reuters) – British insurer Aviva
agreed terms on Tuesday for a 5.6 billion pound ($8.8 billion)
all-share takeover of rival Friends Life, responding to
pressures caused by pension industry reform.

Pension providers are rushing to revise their product ranges
after the government in March surprisingly removed obligations
for people to buy an annuity, or income for life, at retirement,
hurting sales.

Dec 1, 2014

Group of 11 EU nations to miss deadline for tax on financial trades

LONDON (Reuters) – Eleven European Union countries are unlikely to agree on a tax on financial transactions by the end of year, an EU document showed on Monday, dealing a political blow to the French and German governments that have pushed it.

The aim is to force banks to pay for the public aid they received in the 2007-09 financial crisis by taxing them on every trade they execute in stocks, bonds and other financial instruments.

Dec 1, 2014

Britain’s financial watchdog toughens rules for credit brokers

LONDON (Reuters) – Britain’s financial regulator has imposed stricter rules on companies that help people to find a loan, saying some credit brokers were treating customers in a “blatantly unfair” way and causing serious harm.

In its first move to impose rules without public consultation, the Financial Conduct Authority (FCA) said that credit brokers will be banned from charging fees and requesting customers’ payment details unless the brokers provide clear information in advance.

Nov 28, 2014

EU banks have until 2020 to build up bigger safety buffer

LONDON, Nov 28 (Reuters) – The European Union’s 7,000 banks
must by 2020 hold a new buffer of bonds that can be written down
to avoid taxpayer bailouts in a crisis, the bloc’s banking
watchdog said on Friday.

The European Banking Authority (EBA) published draft rules
for consultation that detail the so-called minimum requirement
for own funds and eligible liabilities (MREL) that all banks
must have under a new EU law on handling bank collapses.

Nov 28, 2014

ECB’s Nouy says banks must show they can make profits

LONDON (Reuters) – Euro zone banks that failed or barely passed this year’s health checks will have to demonstrate they can make sustainable profits and may need to sell off loss-making units, the European Central Bank’s top supervisor said.

Daniele Nouy told Reuters on Friday that simply finding more capital to plug shortfalls uncovered by the stress test may not be enough.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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